Which cost measures the cost to society of producing a good?
A. Social cost
B. External cost
C. External cost and social cost
D. Internal cost
Answer: A
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A decrease in autonomous planned investment spending, other things equal, shifts the ________ curve to the ________
A) IS; right B) IS; left C) LM; left D) LM; right
Which of the following is the largest component of M1?
A) traveler's checks B) savings deposits C) checking deposits D) currency
A firm never operates
A) at the minimum of its ATC curve. B) at the minimum of its AVC curve. C) on the downward-sloping portion of its ATC curve. D) on the downward-sloping portion of its AVC curve. E) on its long-run marginal cost curve.
Which of the following is true about the price elasticity of demand on the top part of a linear demand curve?
a. Demand is inelastic. b. Demand is unitary elastic. c. It is impossible to tell. d. Demand is elastic.